Mujtaba Shuja-ur-Rehman Praises Government Economic Reforms in Punjab

In recent months, the economic landscape of Pakistan has shown signs of improvement, particularly in the Punjab province. Provincial Finance Minister Mujtaba Shuja-ur-Rehman has publicly commended both the federal and Punjab governments for their efforts in enhancing the economy. During a recent address at the Lahore Chamber of Commerce and Industry (LCCI), he highlighted the positive changes in economic indicators over the past eight months.

The Punjab government has introduced a tax-free budget amounting to 5.5 trillion rupees, aimed at supporting businesses and fostering economic growth. This budget is seen as a significant step towards creating a more business-friendly environment. The Minister expressed his gratitude to Prime Minister Shehbaz Sharif and Chief Minister Maryam Nawaz for their leadership and the initiatives taken to stabilize the economy.

One of the key points raised by Mujtaba Shuja-ur-Rehman was the remarkable performance of the stock market, which has reached new heights. He noted that the interest rate has been stabilized at around 17 percent, and inflation, which had previously soared to approximately 30 percent, has now decreased to about 11-12 percent. This decline in inflation is particularly encouraging for the average citizen, as it suggests that the cost of living may become more manageable.

During the event, LCCI President Mian Abuzar Shad also spoke, emphasizing the need for sustainable solutions to environmental issues. He pointed out that traffic contributes to 83 percent of pollution, while industries are responsible for only seven percent. Instead of shutting down industries, he advocated for the installation of modern, environmentally friendly equipment.

The Minister further mentioned that the value of the dollar has stabilized around 280 rupees, with expectations of a decline in the coming year. He observed a shift in investment trends, moving from real estate to manufacturing, which could lead to more job opportunities and economic stability.

Several projects announced in the budget are already underway. For instance, the first phase of the Nawaz Sharif Hospital in Sargodha is set to begin operations in cardiology by the end of next year, while the Nawaz Sharif Cancer Hospital in Lahore is expected to provide free treatment for the underprivileged by 2025. These initiatives reflect a commitment to improving healthcare access for all citizens.

Additionally, the Minister discussed various programs aimed at enhancing the quality of life for residents, including a free heart surgery program for children and an e-bike initiative for 30,000 students. These programs are designed to support education and health, which are crucial for the development of the province.

However, challenges remain, particularly in the education sector, where there is a shortage of 80,000 teachers. The government is actively working to address this gap, alongside efforts to increase the number of doctors in the province.

In terms of infrastructure, a budget of 300 billion rupees has been allocated for road restoration under the “Prosperous Punjab” initiative. Mian Abuzar Shad highlighted the importance of vertical buildings to tackle space shortages and called for a reduction in the sales tax rate on services in Punjab, which currently stands at 16 percent, compared to 13 percent in Sindh.

As the economy continues to evolve, it is essential for the government to maintain a balance between industrial growth and environmental sustainability. The initiatives discussed by Mujtaba Shuja-ur-Rehman and Mian Abuzar Shad reflect a proactive approach to addressing the needs of the business community while also considering the welfare of the general public. The ongoing efforts to improve infrastructure, healthcare, and education will play a vital role in shaping a prosperous future for Punjab and Pakistan as a whole.